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Today's Prices (Fri pm)
CME LIVESTOCK: Live Cattle: $163.00 (+0.85); Feeder Cattle: $194.80 (-0.20); Hogs: $85.675 (+2.325)
CME GRAINS: Corn: $6.43 (+11.25); Soybeans: $14.2825 (+8.75); Wheat: $6.885 (+26.50); Cotton: $76.54 (-1.04)
STOCK UPDATE: Dow 30: 32,237.53 (+132.28); Nasdaq: 11,823.96 (+36.56); S&P 500: 3,970.99 (+22.27) (Stocks Close Higher As Bank Stocks Recover)
ENERGY PRICES: Crude Oil: $69.26 (-0.70); Heating Oil: $2.6952 (+0.0105); Natural Gas: $2.216 (+0.062)
BOXED BEEF: Choice: $279.88 (-2.90); Select: $268.75 (-0.14); Ch/Se Spread: 11.13; Total Loads: 108 compared to 119 on Thursday
To view the most recent prices and news, please visit the U.S. Cattle Report Channel.
Highlights (Cattle Report Channel)
- Boxed beef down $2.90 on Fri to $279.88
- CATTLE TRADE: Cash sales from $163-165.50
- CATTLE TRACKER: 210 steers (847#) from Kimball, South Dakota at $197.75
- NATURAL GAS: Henry Hub down 40 cents to $2.04
- Weekly beef production at 515.3 mp, down 0.7%
- Beef exports up 5% to 18.6K mt
- Monster week for U.S. corn exports (3.1 mmt)
- Stocks Rebound As Bank Stocks Stabilize
- CATTLE TRENDS (Short Term/Long Term): LIVE: Down/Down; FEEDERS: Down/Up
- GRAIN TRENDS (Short Term/Long Term): CORN: Up/Down; WHEAT: Up/Down; SOYBEANS: Down/Down
- Daily drop unch on Fri at $12.82
- Weekly cattle slaughter at 626K hd
- Weekly top calf sales average $233.79
- Weekly top steer sales average $187.38
- RTI (7-Day Feeder Cattle Index): $187.96 (-0.24)
- 17 steers (438#) from Orland, CA at $285.00 (highest Thu calf price)
- 120 steers (765#) from Kingsville, MO at $204.35
- Drought down slightly (52.45% vs. 52.49% last week)
CATTLE TRADE: Cash sales at $163-165.50
Thus far Friday negotiated cash trade was mostly inactive on light demand in all feeding regions. Not enough purchase in any feeding region for an adequate market test. On Thursday in the Southern Plains and Nebraska trade was mostly inactive on light to moderate demand. The latest established market in the Southern Plains was on Wednesday with live purchases at 163.00. In Nebraska on Wednesday, live purchases traded from 164.00-165.00 with dressed purchases at 265.00. The latest established market in the Western Cornbelt was on Wednesday with live purchases from 164.00-166.00, mostly at 165.00 with dressed purchases from 264.00-265.00, mostly at 265.00.
NATIONAL CATTLE TRACKER: Top 10 Sales By String Size
The largest steer and heifer string sold this week was 210 steers (847#) from Kimball, South Dakota at $197.75. The second largest string was 209 steers (838#) from El Reno, Oklahoma at $190.50. The average price paid for the largest steer and heifer strings sold this week was $191.46. The CME April feeder cattle futures closed on Friday at $194.80, down $0.20.
NATIONAL DROUGHT MONITOR: Drought down slightly
Spring has arrived, but the cold, wet weather continues out West (especially California). The Southern Plains are still missing out on the best precipitation, and the same is true for parts of Florida and the East Coast. As of March 21, 2023, 28.86% of the U.S. and Puerto Rico and 34.54% of the lower 48 states are in drought, according to the U.S. Drought Monitor.
52.45% of the contiguous U.S. in drought (D0-D4) this week, compared to 52.49% last week and 71.88% last year
U.S. BEEF EXPORTS: Beef sales up 5% to 18.6K mt
Net sales of 18,600 MT for 2023 were up 5 percent from the previous week and 59 percent from the prior 4-week average. Increases primarily for South Korea (10,800 MT, including decreases of 1,700 MT), Japan (3,600 MT, including decreases of 900 MT), China (1,500 MT, including decreases of 300 MT), Taiwan (800 MT, including decreases of 300 MT), and Hong Kong (800 MT, including decreases of 100 MT), were offset by reductions for the United Kingdom (100 MT). Exports of 13,500 MT were down 15 percent from the previous week and 13 percent from the prior 4-week average. The destinations were primarily to Japan (3,500 MT), South Korea (3,200 MT), China (2,300 MT), Mexico (1,300 MT), and Taiwan (900 MT).
OKC West (El Reno, Oklahoma): Top 10 Sales By String Size (This Week)
The largest string sold this week at OKC West was 209 steers (838#) at $190.50. The second largest string was 137 heifers (739#) at $170.00. The average price paid at OKC West this week for the top 10 strings was $178.68. The CME April feeder cattle futures closed on Wednesday at $194.375, down $0.325.
CATTLE ON FEED: Inventory down 4%; Placements down 7%
Cattle and calves on feed for the slaughter market in the United States for feedlots with capacity of 1,000 or more head totaled 11.6 million head on March 1, 2023. The inventory was 4 percent below March 1, 2022.
Placements in feedlots during February totaled 1.73 million head, 7 percent below 2022. Net placements were 1.68 million head. During February, placements of cattle and calves weighing less than 600 pounds were 345,000 head, 600-699 pounds were 315,000 head, 700-799 pounds were 470,000 head, 800-899 pounds were 424,000 head, 900-999 pounds were 130,000 head, and 1,000 pounds and greater were 50,000 head.
Marketings of fed cattle during February totaled 1.74 million head, 5 percent below 2022. Other disappearance totaled 58,000 head during February, 2 percent below 2022.
Beef production down 1% from last week
Total beef production under Federal inspection for the week ending Saturday, March 18th, 2023 was estimated at 519.1 million lbs. according to the U.S. Department of Agriculture's Marketing Service. This was down 0.6 percent from a week ago and 2.4 percent lower than a year ago. Cumulative beef production for the year to date was 4.2% percent lower compared to the previous year.
CATTLE SLAUGHTHER: Thursday slaughter at 124K head, compared to 123K last week and 122K last year. WTD slaughter at 502K head, compared to 501K last week and 485K last year
THE BEEF READ: Cash Weakens But Stays Premium to Futures... June LC has declined $7.52 since its high in late February. The south quickly sold 17k cattle $1 lower at $163 while the north traded at $164, a premium that will be with us for weeks as the south eases into its seasonal supply increase (The Beef)
DAILY DROP: The hide and offal value was estimated at $12.82, unchanged from Thursday
Rob Cook, RobCookKC@gmail.com
Cattle Report